(1)

(2)

(3)

(4)

(5)

ROA

KZ

ROA

Media

ROA

ESG

0.004^***

−0.081^***

0.003^***

0.011^**

0.004^***

(4.17)

(−3.05)

(3.31)

(2.00)

(7.52)

KZ

−0.012^***

(−41.69)

Media

0.006^***

(10.94)

Lev

−0.146^***

6.907^***

−0.063^***

0.013

−0.144^***

(−27.49)

(47.84)

(−12.23)

(0.24)

(−27.21)

Size

−0.007^***

0.185^***

−0.004^***

0.122^***

−0.008^***

(−4.82)

(4.14)

(−3.48)

(8.37)

(−5.66)

Gr

0.005^***

−0.074^***

0.004^***

0.021^***

0.005^***

(8.80)

(−4.31)

(7.80)

(3.11)

(8.53)

Indep

−0.027^**

1.122^***

−0.014

0.099

−0.030^**

(−2.27)

(3.30)

(−1.28)

(0.71)

(−2.50)

Age

−0.009^***

0.402^***

−0.004^***

0.049^***

−0.009^***

(−7.27)

(9.27)

(−3.73)

(2.70)

(−7.24)

Top1

0.070^***

−1.092^***

0.057^***

−0.249^***

0.070^***

(8.56)

(−4.65)

(7.73)

(−2.66)

(8.63)

SOE

−0.009^***

0.158^**

−0.008^***

−0.070^**

−0.009^***

(−3.17)

(2.35)

(−2.66)

(−2.21)

(−3.05)

Constant

0.256^***

−7.097^***

0.171^***

0.167

0.250^***

(8.36)

(−7.15)

(6.04)

(0.52)

(8.17)

个体效应λ

控制

控制

控制

控制

控制

时间效应μ

控制

控制

控制

控制

控制

N

24,246

24,246

24,246

24,246

24,246

R-squared

0.566

0.729

0.617

0.843

0.568